36,000-SF Retail Deals Complete Center Breakup

CORONA, CA-Two separate buyers have closed on the acquisitions of two NNN retail properties totaling nearly 36,000 square feet that complete a three-parcel breakup strategy at the Shops at Sycamore Creek, with all three sales at cap rates below 7%, according to Irvine-based Faris Lee Investments, which represented the seller in the transactions. In the latest two sales, YFP Sycamore Creek LLC of Los Angeles bought a 12,900-square-foot CVS/Pharmacy on 1.89 acres for $4.93 million, and the Corona-based Knaak Family Partnership bought a 20-year, 23,087-square-foot NNN ground lease for a Von’s fuel station for $2.13 million. Earlier this year, a Wells Fargo-occupied parcel sold for $2.6 million to begin the breakup process, with the buyer placing a 50% loan on the property.

Faris Lee senior managing director Dennis Vaccaro and president Richard Walter represented Orange County-based seller Shops at Sycamore Creek LLC on all three sales. Vaccaro points out that the Faris Lee team “acted as a strategic liaison between the developer, lender, attorneys and engineers during every step of this complex parcelization process.”